Southside Bancshares (NYSE:SBSI) COO John Mitchell Jr. Craddock Sells 415 Shares of Stock

Southside Bancshares, Inc. (NYSE:SBSI) COO John Craddock, Jr. sold 415 shares of Southside Bancshares stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $32.01, for a total value of $13,284.15. Following the completion of the sale, the chief operating officer directly owned 4,378 shares in the company, valued at approximately $140,139.78. The trade was a 8.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Southside Bancshares Trading Up 0.1%

SBSI stock opened at $32.13 on Friday. The firm has a fifty day moving average price of $32.98 and a 200 day moving average price of $32.66. Southside Bancshares, Inc. has a fifty-two week low of $26.32 and a fifty-two week high of $36.20. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $957.76 million, a PE ratio of 12.65 and a beta of 0.58.

Southside Bancshares (NYSE:SBSI) last released its quarterly earnings results on Friday, July 24th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. Southside Bancshares had a net margin of 16.70% and a return on equity of 11.16%. The company had revenue of $71.34 million for the quarter, compared to the consensus estimate of $75.00 million. Sell-side analysts anticipate that Southside Bancshares, Inc. will post 3.24 earnings per share for the current fiscal year.

Southside Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Thursday, August 20th. This is a positive change from Southside Bancshares’s previous quarterly dividend of $0.36. Southside Bancshares’s dividend payout ratio is 58.27%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SBSI shares. Stephens set a $37.00 price target on Southside Bancshares in a research report on Monday, July 27th. Zacks Research downgraded shares of Southside Bancshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Piper Sandler dropped their price target on shares of Southside Bancshares from $37.00 to $33.00 and set a “neutral” rating for the company in a research note on Monday, July 27th. Keefe, Bruyette & Woods cut their price target on shares of Southside Bancshares from $37.00 to $35.00 and set a “market perform” rating on the stock in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Southside Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 4th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $34.75.

Hedge Funds Weigh In On Southside Bancshares

Hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors raised its stake in shares of Southside Bancshares by 1.8% during the fourth quarter. Captrust Financial Advisors now owns 36,404 shares of the company’s stock valued at $1,106,000 after acquiring an additional 640 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Southside Bancshares by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,049 shares of the company’s stock worth $494,000 after purchasing an additional 701 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Southside Bancshares by 6.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,014 shares of the company’s stock worth $324,000 after purchasing an additional 706 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Southside Bancshares by 1,083.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 947 shares of the company’s stock worth $28,000 after purchasing an additional 867 shares during the period. Finally, GAMMA Investing LLC raised its position in Southside Bancshares by 37.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,379 shares of the company’s stock valued at $119,000 after purchasing an additional 916 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors.

About Southside Bancshares

Southside Bancshares Inc is a bank holding company headquartered in Tyler, Texas. Through its subsidiary, Southside Bank, it provides a broad array of commercial and consumer banking services to individuals and businesses. The company’s offerings include deposit products, loan facilities and treasury management solutions tailored to the needs of its clientele. Established in 1974, Southside Bancshares has grown its footprint across East and North Texas while maintaining a community banking focus.

In the commercial banking segment, the company extends financing for real estate development, construction projects, equipment purchases and working capital needs.